Iredell County woman becomes instant millionaire

July 6, 2020 Posted by NC Lottery at 9:36 AM

Cynthia Cutting of Statesville tried her luck with a $20 scratch-off ticket and instantly became a millionaire.

Cutting won the first $4 million prize in the new Millionaire Bucks game. She bought her lucky ticket at Times Turnaround on West W.T. Harris Boulevard in Charlotte and claimed her prize Thursday at lottery headquarters in Raleigh.

Cutting had the choice of taking the $4 million as an annuity of $200,000 a year over 20 years, or a lump sum of $2.4 million. She chose the lump sum and took home $1,698,006 after federal and state tax withholdings.

The Millionaire Bucks game started in June with four top prizes of $4 million and six $100,000 prizes. Three $4 million prizes and five $100,000 prizes remain to be won.

18 COMMENTS

7/08/2020 09:40 - William A.

You are double taxed. 99% have already paid taxes on the money we are buying these tickets with. My real problem is the annuity. Just give the player what they deserve the whole 4million not 2.4 million and a taxing that.When somebody wins a million dollar prize and walks away with 400k its just wrong. The tax end you might not be able to do anything about but the annuity you certainly can! This isn't publishers clearing house! NC Lottery
At one point in time, all $1 million prizes for our instant games were awarded as annuities. Players continually asked for the same choice in big instant wins that they had with Powerball jackpot. They wanted a choice of an annuity or lump sum, so we began offering that choice. It's the winner's choice. $1 million annuity paid over 20 years or $600,000 lump sum.

7/08/2020 01:11 - George W.

Congratulation Cynthia! Bless, bless, bless you are indeed. I my day is coming. I am happy for you.

7/08/2020 03:16 - Joanne M.

Congratulations

7/07/2020 11:10 - charles d.

Congrats: We need to have something good to cheer about

7/07/2020 08:14 - Arlene V.

This taxing on our wins is nonsense. It needs to stop. Rip-off!!!!!! NC Lottery
We hear you, Arlene. Lottery wins are considered income and are taxed at the same rates. We don't make those rules, we simply operate according to the law.

7/07/2020 06:30 - elizabeth j.

Congratulations.

7/07/2020 03:17 - Gloria C.

Congratulations to you and your family.I wish you many more happy wins.

7/07/2020 02:26 - Sheila I.

@Pauline B. What?????? We would have to pay taxes again ????NC Lottery
Winners are not double-taxed on lottery winnings. By law, we are required to withhold 24% federal and 5.25% state taxes on prizes. Depending on each individual's unique financial situation, a person's tax obligation could be more or less than what was withheld.

7/07/2020 01:09 - Demetria G.

Omg I want to experience winning a top prize or jackpot so bad! Congratulations!!!!!

7/06/2020 11:37 - pauline b.

congrats,save about 100,000.00 for tax in 2021.

7/06/2020 09:56 - vanessa b.

congrats

7/06/2020 09:41 - barbra s.

Why is it that y'all take so much away before. taxes and then tax it again? I dont understand???NC Lottery
Hi Barbra, By law, the lottery only withholds the minimum required state and federal taxes when a winner claims. Each winner has their own unique financial situation, any may end up owing more or less come tax time based on their total income for that year. That's why we always encourage big winners to consult with a tax profession when they claim.

7/06/2020 07:17 - Janae E.

Congratulations!!! That’s nice.. Praying I hit one day

7/06/2020 02:03 - Sandy L.

The scanner still not working!NC Lottery
Hey there Sandy, We released an app update that should have fixed the scanner issue. Please try updating your app and if this continues, reach out to our online support team at nclottery.com/Help to let them know what's going on.

7/06/2020 01:06 - cetoni J.

Why do the lottery tax winners so heavily? Winning 4million dollars and getting 1.6million is too much lol! Can you guys explain why some people get slapped in the face with all these unexplainable tax bills stuff NC Lottery
We're happy to explain it, Cetoni! All big wins are considered income and are taxed at the minimum state and federal percentages. Right now those rates are 5.25% for state and 24% for federal. The reason why this winner took home $1.698 million of her $4 million win is because she chose the lump sum option of $2.4 million instead of the $4 million annuity. No matter which option a winner chooses - lump sum or annuity - the minimum state and federal taxes are withheld.

7/06/2020 12:31 - Jamie E.

Congrats

7/06/2020 12:04 - Douglas H.

Congratulations Cynthia! Awesome win!

7/06/2020 10:16 - Mark Z.

Congrats.

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Iredell County woman becomes instant millionaire

July 6, 2020 Posted by NC Lottery at 9:36 AM